Author: wp_blog

When you decide to begin your entrepreneurial
journey, you prepare for the courage to take on many challenges. Though
eventually, these struggles will pay off pretty well, you need to persist in
daily business operations. All are aware that half of the businesses fail
within three years, that’s why even the banks ask for the business proof of
past three years. All, however, don’t know that about 20% of businesses
disappear within their 1st year.

As an entrepreneur, you might feel these
challenges are unique to your business, but it’s not. We have compiled seven
biggest challenges faced by entrepreneurs along with ideas to go about
overcoming these challenges.

Sourcing
the best employees:

Hiring great people is crucial and often
exasperating. Small and medium businesses find it difficult to hire the best
employees because many people prefer to work in established firms. For you,
it’s vital to have a pleasant working environment and showcase the work culture
to attract new employees. Hiring through Facebook, LinkedIn and other social
platforms is more effective and will be light on the budget.

Sourcing
leads for business is not easy:

Advertising campaign and many marketing
collaterals are not what a small business owner can afford. So take your
business to social media and start promoting; you’ll get better results for a
cheaper cost. Also, as an entrepreneur, always find opportunities to
personalise customer service. This will lead to a long way by acquiring new
clients through word of mouth referrals.

Managing
the budget:

Keeping track of your business finances is
critical. To manage this challenge, you must craft a strategy and estimate your
expenses at the beginning. Appropriately estimating the cost of each project
will help you prioritise tasks for higher effectiveness and with lower costs.

Risk of
asset theft:

This unfortunate event might happen when
you’re already amidst the storm of challenges. Small and medium businesses
cannot afford high-security systems like established businesses. Therefore,
they face fraud and theft. To avoid this mishap, you can minimise cash
transactions and use POS or swipe machines for business.

HIgh
level of competition:

Giving what the customers want is a major
challenge for small business owners. As an entrepreneur, you need to come up
with new solutions and improvement in the services. Providing a great customer
experience is the best way to sustain customers and beat competitors. Like you,
even your competitors are facing the same issue, so keep your calm and be confident.

No matter in which business you are,
challenges will always strike you. How you respond to these challenges will
keep you ahead of the curve. And never hold back your growth due to any
financial hurdle. NeoGrowth can help you with collateral free loans to meet
your unique business requirements.

Many successful entrepreneurs started their
entrepreneurial career by quitting their already existing job in a leading
company. If you have plans to start your own venture or grow the existing one,
taking a short-term loan might suit your foreseen goals. Also, loans are easily
available these days since the rise of digital lending in India. However, to
choose the right short-term business loan, you need to know about things like
rate of interest, processing fees, repayment, down payment etc.

So, what are the things to consider before
applying for a loan? Read on for several things about short-term loans and
negotiate better with the loan brokers:

Type of loan: Before you seek for a loan, you need to know about the available options in short-term loans, so you could decide what loan you need. Some variants are bank overdraft, credit card finance, and the new age digital lending solutions.

Rate of Interest: Always be prepared to meet bankers and private financiers that will offer loans with higher interest rates. Also, compare the benefits and interest rate. Since the banks and private financiers compete to have you as a client, it’s your privilege to browse around for the best possible option.

Hidden charges: It’s very crucial to be aware and recognize these hidden costs because they may not be evident in the interest rate, but will be included in your monthly payments to sip-in your wealth drop by drop. In this case, it’s better off choosing a loan at a feasible higher rate than to lose a high amount every month through hidden charges.

Period of loan: Businessmen apply for a short-term loan because they don’t want to bear the long-term EMIs and interests. They take the loan, use it for their plan and pay it off within a year. The length of the loan will depend upon the type of the loan and the amount. But keep in mind that a business loan shouldn’t be a burden on your shoulders. A smart way to tackle this is by evaluating the loan options – choose the one with the lowest EMI and check which one offers the longest tenure. This will give you more time to repay the loan.

Down Payment: If you’re seeking a loan from the bank, understand that for protecting themselves from the possible risk is the primary interest of a bank. That’s why you’re required to make a downpayment, especially for a higher amount. However, in the recent past, digital lending solutions have emerged that do not consider credit score and give loans without collateral, let alone down payment. So, the next time you need a loan, go digital!

Repayment: Short-term loans usually have large EMIs. This makes it crucial for you to calculate the monthly repayment amount and your capacity to repay the loan. Also, make sure to consider your daily operating costs and cash flows in the calculation. This will help you to choose better options.

Calculate your risks: Before you decide that you need to get a loan, ask yourself what benefits will you be able to reap out from this loan? Will you repay the amount every month and sustain the working capital for the day-to-day activities? If your benefits weigh more, then you can go ahead with the investment.

Plan for the loan: It is advisable to draw a plan about how you will be using your short-term business loan. Have a strategy for the investment; without it, you may be prone to make desperate and logic-defying decisions.

We know how a business owner is always on
their toes managing people and making managerial decisions for the well-being
of the company. And at these times, a financial hindrance might waver their
confidence. If you ever fall into this situation, remember that the new age has
innovative and feasible financial solutions available. Nothing could be more
convenient than registering online and getting a loan in a few days. We
disburse the loan at the right time and make you ready for the opportunities.

Every month, banks and financial institutions
send information about individuals and businesses to the TransUnion CIBIL
Limited, commonly known as Credit Bureau. This information helps the Credit
Bureau to evaluate your financial situation. They are licensed by the RBI and
by Credit Information Companies (Regulation) Act of 2005.

Based on your credit repayment history, the
Credit bureau will evaluate you and give a three digital score. It ranges from
300 to 900. This score helps the lending institution to get an idea about your
repayment behaviour – the lower side being negative and the higher side being
positive. The lender will be more confident about lending to you if your score
is above 750. All banks and lending firms check your credit score before accepting
your loan application.

CIBIL
Commercial Report

This report tells the creditworthiness of a
business and its financial health. It is passed on to the banks and other
financial lending institutions for loan application evaluation.

Here
are the factors that will affect your CIBIL score negatively:

Payment
behaviour:

It’s crucial to pay at least the minimum
overdue on time every month. If you miss any payment, it will reflect poorly on
your credit score and suggest a negative repayment behaviour.

Outstanding
balance:

You must never leave the balance outstanding
in your credit card. It’s devastating to the credit score, and the recovery
takes a long time of consistent payment.

Missing
the due dates:

Missing the payment on the due date puts you
on the lower side of credit score and gives a negative impact on the CIBIL
score.

Advantages
of Having a High CIBIL score:

Hassle-free and faster loan approval.

Cheaper interest rate on the loan.

Better credit limit on the credit card.

Waiver on loan processing fee and discount on
other charges.

It is always better to use a credit card
wisely and responsibly. Because once you fall in the negative side of the CIBIL
score, it takes a lot of effort and consistent repayment to improve the credit
score. Follow the responsible way of using credit cards and keep your score
above 750 to enjoy all the perks.

In this era, your business loan can be
approved with a few swipes on your phone or by spending a moment online. So,
why tussle through the hassle with the bakers?

Our simple and efficient process can do the
disbursal in a day or maximum in a week. So that the business owners don’t need
to wait for 3 weeks to get a revert from the bank. We hope that you’ve already
realised that the average time that a traditional bank takes to decide on a business
loan, especially for a small business is 3 to 4 weeks – and by the time they
disburse the amount, it might extend over a month.

Quick Disbursal: Our process of evaluation is straightforward and we have a track record of disbursing the loan within 2 to 3 days. It’s because we know that only when entrepreneurs get the loan at the right time, you’ll be able to meet opportunities at the right time.

Loan amount up to 3 times of the sales: Like the banks, we don’t ask for past 3 years business proof or a year’s bank statements and another bundle of documents to offer a minimum risk-free loan amount. An entrepreneur’s aspirations are much larger; that’s why we offer a loan amount that is three times of your POS/Online sales record.

Flexible Repayment Modes: We keep enough breathing space between the EMIs. When you choose us as your financial partner, you have options to repay the loan amount on a daily, weekly, fortnightly or monthly basis. Also, there are different modes of payment available like Gross or Split Settlement, and through ACH or Cheque. We make sure that a loan shouldn’t feel like a burden on your shoulders.

No Collateral up to 15 lakhs: The need for collateral or high credit score won’t keep your business goals on hold. We don’t consider any security for a loan amount up to 15 lakhs. We’ll evaluate the past records of your POS transactions and begin with the disbursal process.

Convenient tenure (18 to 36 months): This range of tenure holds a perfect balance between the rate of interest and the monthly EMIs. For instance, a short-term loan with a short tenure may give you larger EMIs, while for a short-term loan with long tenure may charge you higher interest rates. We have not only covered your business goals, but also your worries about repayments.

Vendor Finance Scheme: This solution will allow you to run your business successfully without touching your personal finance. From service providers, suppliers, equipment manufacturers to a company that supplies parts or materials, can avail this benefit and establish a healthy relationship with the borrower.

High Renewal Rate: We have up to 70% of renewal rate, this clearly states that the entrepreneurs whom we supported financially are happy to have us again as their financial partner.

Employee strength: We have 500+ passionate employees to help you with your unique business needs; we’re also spread across 21 cities in India. So whenever and wherever you need financial support, we’re there for you.

Get the power and benefits of NeoGrowth by
getting in touch with us, and get investment for your possibilities. We know
that an entrepreneur is always busy and usually has too much on their plate.
That’s why we make faster decisions, quicker disbursal, and provide you with
tailored solutions based on your unique business needs. And as we said earlier,
when you could get a business loan with a few swipes on your phone – Why go to
the bank?

One thing is true in every business – If
you don’t have enough cash flow to run your daily operations and meet
short-term goals, your business might face many unexpected challenges.

Ever known someone who started a large
project, and realised there’s short of funds to keep the business running?
Don’t fall into that situation.

Learn
the best way to autopilot your working capital.

Working
capital. What is it?

Working capital is the number of liquid
assets to pay for the planned and unexpected expenses to meet the short-term
obligations. Unusually complex! Right?

In simple words, it’s the cash on hand to
pay the bills, payroll and other expenses. Your business’ working capital is
the difference between current assets and current liabilities or debts.

As a formula, it would look like: Working
capital = Current assets – Current Liabilities

How
do unsold inventories reduce working capital?

For steady growth, businesses need enough
inventories to meet the customers’ demand. And it also needs enough working
capital to continue the daily operations. It is closely linked with the
inventory flow. If you’ve unsold inventory, slow-selling stock or outstanding
invoices, it will reduce the amount of available cash you have on-hand – making
it difficult to invest in short-term goals.

To tackle this difficult situation, you
can get instant working capital on POS or Credit Card without collateral. This
will help you manage your inventory issue until you’re able to sell your
slower-moving items.

Never
share the ownership of your business

Many micro and small business owners
think that the only way for expansion is by seeking outside investors and
compromising the ownership. They don’t realise that giving up a portion of the
business will handicap their decision-making power on business operations.

It’s advisable to exclude investors and
invest in your own business.

Avoid
impulsive trading decisions

At times entrepreneurs get aggressive
about their business growth. You might want to slow down at this point to avoid
overtrading! Overtrading happens when businesses promise customers more than
they can deliver or when they buy in more inventory without considering the
sales outflow. Avoid engaging in more business than what is supported by
resources, market or funding available. While overtrading is good for business
growth, it can get your business into the ground by freezing the core
activities.

If you ever end up overtrading, you can
minimise its effect by backing up yourself with a working capital loan.

Use
working capital to solve immediate issues

Sudden financial needs, like short-term
obligations or inventory issues, can freeze your business operations. Working
capital can help you with crucial problems you encounter in your business, like
short-term or immediate financing needs. If you foresee risk or fall in an
unexpected financial difficulty, you can easily sail out of this problem by
getting instant POS or Credit Card based finance.

Maintaining enough working capital is
often the most challenging task for a business owner. If managed well, it can
help your business to stay ahead and keep growing throughout the year. It’s a
struggle to keep paying the normal inventory charges and payroll when sales are
down. But you ever fall in these situations, POS or Credit-based loans are the
best boost for your business to get you back on momentum. Just make sure to
borrow only what is needed, and when you need it.

Whether your business is a startup or if
you’re ready for expansion, you need funds to power your small business. But
before you seek for a loan, you need to plan about exactly how you’ll use your
loan amount and how you’ll pay it off. So, that you don’t fall into a situation
where you can’t pay off unsecured business loan. Without a strategy on how to
put the money to work, you’ll take up a loan that might become a burden on your
shoulders.

Read on
to know how an unsecured business loan can scale up your business:

Expansion

Many small business owners seek for funding
when they want to power expansion plans. With unsecured business loans for
startup you can move into a bigger office, or to an economically feasible
location or investing in a new product line. A financial support from NeoGrowth
can help to meet your urgent need for
expansion, despite of low credit score.

Smooth
Cash Flow

Businesses might fall into a shortage of funds
to keep a smooth flow in the day-to-day operations like employee benefits,
transportation, travel, taxes, rent, repairs, and more. At these times, unsecured
business loans for self employed come into play to fulfil your requirements and
keep the business growing.

Marketing Cost

Advertising is often a huge expense, though it
eventually pays off very well. It is definitely the best way to grow your
business. So, hire an advertising agency and increase sales with innovative
campaigns.

Equipment
Financing

The requirement for machines and equipment can
emerge at any time. The right type of equipment directly affects the quality
and quantity of the products. Tackle such situations with an instant unsecured
business loan from NeoGrowth.

Inventory
Purchase

As a safety stock, it is crucial to have the
minimum inventory in your warehouse. This will keep the smooth flow of supply.
When there’s a demand for your products/services in the market, you should
never fall short of finance. At this point, an unsecured loan from NeoGrowth
could help you to buy the necessary inventories to meet the higher demand of
your customers.

Timely Opportunities
Many businesses wait for the most favourable season when they make the maximum
revenue in the year. You shouldn’t fall short of funds at this period of the
year to buy inventories. For opportunities like these, get an unsecured loan
from NeoGrowth and meet your milestones.

Are unsecured business loans safe? It is, if you’ve a blueprint of how you will be using your funds. So, before you apply for a business loan make sure you have a well-thought plan and have set milestones for success.

A business owner knows how crucial it is to
source new leads and make sales for the growth and success of the company. And
many small business owners often wonder if there is any strategy which can help
boost sales.

Read on
to know how you can increase sales that you can start implementing immediately.

1.Ask for feedback:

Your business will flourish if you keep your
customers happy by giving them what they want. How would you know what the
customers likes or dislikes? It’s only by asking the customers. Ask them for
feedback and it will get you valuable insights that will help to improve your
products/services and increase your sales.

2.Stand out from the rest:

No matter what your products/services are, you
will always have competitors in your market. The customers are all bombarded
with advertisements, and in this chaos, you have to find a way to stand out and
get noticed. Only this can register your products/services in their mind when
they’re out for their next purchase.

3.Role of Social Media:

Social media is a good way to engage with your
existing customers and attract new ones. Your buyers are on social media and
every moment they’re influenced by a brand to make a purchase decision. You
should be active on these social platforms and leverage this trend by
influencing your potential customers to choose your product/service.

4.Always seek for cross-selling opportunities:

Cross-selling is a sales strategy in which the
sellers suggest another product that is related to the original purchase. The
idea of cross-selling is to make the customers spend more by making them buy
more things. For example, the staff at McDonalds always asks us “Would you like
fries with that?” This generous and straightforward question is contributing a
good amount to the sales revenue to the company.

5.Give away discounts and offers:

This is currently one of the best strategies
to increase sales for small businesses. Whenever a customer purchases something
from your store, offer them a discount or a coupon for their next visit. This
will keep them engaged with your store and spread words about your products and
services.

We would also like to share another sales tips
for small business owners that would help to increase your sales revenue. It is
to never give up, and keep following up with those customers, send them regular
reminders until the day comes when they make the purchase.

In this decade,
India has moved on from a male-centric society to a place where businesses and
entrepreneurship are not defined by genders. Women have risen above the
confined domestic life, took challenges, faced struggles and made their way to
the top list of women entrepreneurs. Some of them had only a little or no
experience in the industry they chose, but they learned to overcome the
knowledge barriers as they grew.

Here are some original stories of women entrepreneurs who
are true role models:

1. Rashi Narang,
the founder of Heads Up For TailsHas anyone ever quit the job for the love of dogs?
Rashi did it to start HUFT.
She started making accessories for her dog who did not like the products
available in the market. And as a passionate dog lover, she decided to mass
produce these accessories and approached 200 pet stores, to have all of them
shut their doors on her. Today, Heads Up For Tails has nine stores in Delhi,
one in Pune, four in Mumbai and nearly one lakh customers. She has proved that
even a small idea could lead to huge success.

2. Sneha Raisoni,
the founder of Tappu Ki DukaanLike many successful entrepreneurs began, Sneha
quit her job from a leading firm as a chartered accountant and opened her first
store in 2009, Tappu Ki Dukaan, Tappu being herself. She sold creative products
like chairs that fold into ladders, Batman USB sticks and other fancy items.
Her business has only been a success since its beginning, and the way she puts
it is, “We don’t have anything you need, but you will want everything we
have.”

3. Aditi Gupta, the
founder of Menstrupedia Aditi brought a huge change in society by
educating girls in small towns and cities about menstruation. Her idea was to
educate people about the menstrual cycle by adding humour to it through comics.
Being born in a small town in Jharkhand, she was familiar with the way a woman
is treated during her period, and this inspired her to publish several comics
on this topic. Later she managed to raise Rs 5.15 lakh for investment and then
continued by reinvesting the profits into the business. She believes that being
an entrepreneur has been the most empowering experience in her life.

4. Surabhi Dewra,
the founder of MeraCareerGuide.comSurabhi realised that India lacks a career
counselling platform that could help students of all age group to find a right
career path and connect with the institutes of their choice. This inspired her
to start MeraCareerGuide.com in 2008. It became successful within the first few
months by gaining 50,000 visitors. This one of a kind educational portal
eventually became India’s largest online career guidance platform.

5. Sairee Chahal,
the founder of Sheroes.inShe was voted as the Most Powerful Women in Indian
Business, 2012, and also featured on shows like What Women Want, Young Turks
and Pioneering Spirit. Sheroes.in helps those who are looking for part-time
jobs or work-from-home options. Her company grew to one of the largest women
communities in the world. As a working mother and businesswoman, she offers
this tip to maintain work-life balance “The key is to prioritise continuously.
I also believe in investing in the support system so that I can then focus on
what’s important to me.”

6. Sabina Chopra,
the Co-founder of Yatra.com When Sabina started in 2006, online travel businesses
were taking flight. It’s during this time, Yatra.com grew to become the leading
online platform for travel bookings. She had spent many years working in
another travel company before she quit the job and started a company of her
own. She was declared as the winner in the Travel and Tourism group and had
been honoured at the annual Women Leaders in India awards, 2010. When she was
asked about her Mantra For Success, she said, “Finding happiness in my
work and making it a fulfilling experience for me and the people around
me.”

7. Garima Satija,
the founder of PoshVineAs a young entrepreneur, Garima started an online
platform to offer better shopping, dining and travel experiences. PoshVine
helps customers to choose a fine dining restaurant, make an instant reservation
for free and earn credits that can be redeemed. It was founded in 2011, based
out of Bangalore, and currently serves over 400 restaurants in 5 cities.

8. Vanita Puri, the
founder of Olive Retail Vanita was working in a leading company in South
Africa and later decided to quit her job to start her own business in India.
She was confident of becoming an entrepreneur and was ready to take up the
challenges of a small business owner. This gave rise to Olive Retail, a
departmental store that caters to all the demands of a customer. Olive Retail
saw success within the first few months and became a trusted store around the
corner. But when the footfalls grew further, she found a shortage of inventory.
This is when NeoGrowth supported her with required finance to seize the
opportunity and boost sales. Currently, Vanita happily says that being an
entrepreneur was the best decision of her life.

By presenting
these stories, our motive is to inspire you to take the first step of your
entrepreneurial career and show your potential to the world. And don’t stress
if you’ve been turned down by the bank for a business loan. We are flexible
than a bank at providing finance.
From making a social impact on becoming a business leader needs a little
support, and we are here to provide you with that bit.

Many small business owners are against
debts because they don’t think they have enough CIBIL score, or unsure if they
can afford repayments. But one cannot deny the fact that investment is
important to grow any business. Businesses would need finance for various
reasons like upgrading equipment, buying inventories and working capital,
these’re the most common reasons.

Read
on for a look at five unheard reasons for which an entrepreneur might take a
business loan.

To
Pay Taxes:

Business owners must set aside enough
amount throughout the year before the Tax officials knock on the door. But
business doesn’t always work according to the plan, which is why entrepreneurs
often take a loan to pay off taxes. After all, paying it off on time using a
loan is better than getting in trouble with the Tax officials.

To
Buy Insurance:

Insurance is one of the major business
expenses and some business owners take a loan to invest in multiple insurances.
There’s a benefit in getting your business insured; It is one of the
eligibility criteria when you apply for a long-term loan which includes huge
loan amount.

For
Advertising:

Business owners could need a loan if
they’re hiring an advertising agency to market their products. Marketing is
often a huge expense and costs a lot of investment, though it eventually pays
off in the long run.

To
Refinance Another Loan:

Taking loans to pay off another loan may
seem strange. But business owners do it when they get another loan for better
rates and benefits. In fact, it is a popular and sometimes necessary reason to
take a business loan.

To
Cover Unpaid Invoices:

Another reason why entrepreneurs need
funds is when there are outstanding invoices. When there are daily expenses and
inventory costs which you need to pay off, you certainly cannot put it on hold
until your clients settle the due amount. This situation can demand a loan to
settle the obligations.

Here’re
the most common types of business loans. You can find one that suits your
requirements:

Crowdfunding – Raising a small amount from a large number of people.

Small Business Grant – Free funds granted
to micro and small businesses by the government.

Working
Capital Loan – Funds to cover daily operating
expenses in a business.

Business
Line of Credit – A credit facility in which you
borrow a certain limit and pay interest only for the amount you use.

Short-Term
Loan – An instant loan for your temporary
working capital needs. This loan needs to be paid within a year.

Business
Credit Card – Credit facility based on the
transaction record of the Credit card.

Equipment
Financing – Some banks provide loans to help you
upgrade your equipment.

Business
Expansion Loan – A large fund for business growth
which is usually repaid over 5 or more years. Interest rate for long-term loan
is quite low compared to other loans.

Credit Score is no doubt one of the most
critical parameters for getting a loan. Also, the banks ask for a minimum of
three years of business proof or other factors such as educational background,
age, residence stability etc. So, save yourself from all these hassles of
getting a loan by choosing an innovative way to get instant funds. POS or
Credit Card based loans are the best option for any business when it falls
short of working capital or when there’s a financial emergency. NeoGrowth
provides simple lending solutions that address your urgencies with more efficiency.

As a small business owner, you may constantly be looking for new ways to market your products/ services to reach potential customers. Using social media for business is a great way to engage with existing customers and attract new ones. Small business owners can have a lot on their plate, and may find social media time- consuming. Having said that, you cannot lose the opportunity to reach and engage with your potential customers.

Here are the reasons why small businesses need to get onto the social media.

1. Your buyers are on social media:

Social media plays a big in the buying process. Small businesses have an opportunity to grab the attention of their target customers by engaging them with relevant content. Your customers visit social platforms every day, and the content they see pushes them in their purchase decision. You can leverage this trend by being active on these platforms and connecting with them regularly.

2. Customers can connect with your business:

Another reason to use social media is to let
people know about your business. This provides visibility, and is one of the
pillars on which every business, large or small, can connect to larger
audience. Let’s say you’re selling toys or gift items online and a customer
stumbles upon your products several times on Facebook. This will register your
product in their mind. So, the next time they are up for a purchase they can
look up for your brand easily. The higher your brand’s recall, the greater the
chances of a sale. Also, make sure to set the style and tone for your business
and maintain it throughout your posts. People like consistency!

3. Improve the relationship with your customers:

Boring people make boring conversation. And
nobody wants that! You need to find different ways of conversing with your
customers by giving them exciting content. Stick to your research! Find their
problems and offer solutions. Because this is one of the best ways of creating
and maintaining relationships with your customers. Some of these solutions
could include exclusive offers, contests and basic customer service when
needed. Get innovative and keep experimenting to come up with interesting
ideas.

4. Get references for your business:

The kind of business you run and the platform
you engage your customers on, are two aspects that always go hand in hand. For
example, Facebook may be the best choice for B2C. But if you’re into the B2B
business, then LinkedIn could be a gold mine. Once you understand your customer
base, you can start by including a call to action link in your posts, develop a
landing page for campaigns, run ads or contests, etc.

5. You can explore a new market for your products:

The business is up and running, you have a
loyal customer base. Well done! But depending solely on your existing customers
can be a huge risk. Through social media, you can reach new prospects through
existing customers. How? Every customer you’re connected to on social media has their own connections.
You can reach these new connections by running ads, contests (where your
followers must to tag others) and such other engaging activities. You
can also join communities or groups on channels that are relevant to your
industry. This will increase the number of people talking about your products
and boost your sales over time.

6. You can start marketing with a tiny budget:

What does it take to start promoting your products on social media? You can start right away by creating social profiles and posting photos of your products with relevant, interesting descriptions. As you grow bigger, so should your budget. This way, you’ll be sure that you are ready to meet higher goals and reach more customers. But compared to all other modes of marketing, social media will save you a lot of expenses and give good results. Lately, a myth has been floating around, that says, social media is risky for small businesses. The myth wants you to believe you might get negative reviews about your business. However, you should think of these reviews as opportunities to improve your products. After all, one wouldn’t be an entrepreneur if they had to avoid risky situations! And as this world continues to progress, social media will progress too. After all, humans love socialising. Wouldn’t it be better if your business socialised with them?